Asia Pacific Electronic Power Steering Market Growth and Forecast by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

Asia Pacific Electronic Power Steering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Column Assisted Electronic Power Steering(C-EPS), Pinion Assisted Electronic Power Steering (P-EPS), Rack Assisted Power Steering System (R-EPS), and Electronic Hydraulic Power Steering (EHPS)), and Application (Light Commercial Vehicles (LCV), Passenger Cars, and Heavy Commercial Vehicles (HCV))

Report Date : Jan 2021
Report Code : TIPRE00018141

Category : Automotive and Transportation
Status : Published

Available Report Formats :
No. of Pages : 137

Page Updated: Feb 2021

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The electronic power steering market in APAC is expected to grow from US$ 26,704.59 million in 2019 to US$ 28,933.30 million by 2027; it is estimated to grow at a CAGR of 4.1% from 2020 to 2027.

China, India, Japan, and South Korea are major economies in APAC. Rising interests for electrification of vehicles is driving the APAC electronic power steering market in a positive way. Several countries are highly focused on building green transportation. For instance, in May 2019, the Ministry of Transport in China and various other ministries mutually issued the Green Travel Action Plan for 2019–2022 that would promote application of green vehicles. The country would also continue to enhance public transportation facilities and information systems that are supporting green transportation. The governments across different countries are taking several initiatives to boost the adoption of electric vehicles in their public transportation—such as e-trucks and e-buses—so as to reduce CO2 emissions by offering tax rebates and incentives. Some of the electric vehicle models are the BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses. Recently, some of the commercial vehicle manufacturers have announced electric buses and some OEMs have announced the plans for migrating full-size trucks or pickup trucks to battery EV platforms. All these factors are expected to create huge opportunities for the growth and the acceleration of new technology implementations, such as EPS, across APAC.

APAC is severely affected by the COVID-19 pandemic. The region comprises a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rise in disposable income. All these factors make APAC a major growth driving region for various markets, electronic power steering market. Increasing online shoppers and growing e-commerce sector in this region offer lucrative opportunities for the growth of the APAC electronic power steering market. The consequence and impact of the COVID-19 pandemic can be even worse and totally depend on the spread of the virus. The government of countries in APAC is taking possible steps to reduce the effects of the outbreak by announcing lockdown, which negatively impacts the revenue generated by the market. India is one of the leading manufacturing sectors in the region, and the most affected country in APAC. Several markets in the region have witnessed negative growth in the past three months. The lockdown is hindering the automotive sector in India. Japan and South Korea are still combating the novel coronavirus, which is a critical factor toward the slowdown in the growth of the electronic power steering market. However, China has been able to stabilize the spread of COVID-19, and industries are up and running. This embarks a positive sign toward the stabilization of the electronic power steering market.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC electronic power steering market. The APAC electronic power steering market is expected to grow at a good CAGR during the forecast period.

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

APAC Electronic power steering Market Segmentation

APAC Electronic power steering Market – By Type

Column Assisted Electronic Power Steering(C-EPS)
Pinion Assisted Electronic Power Steering (P-EPS)
Rack Assisted Power Steering System (R-EPS)
Electronic Hydraulic Power Steering (EHPS)

APAC Electronic power steering Market – By Application

Light Commercial Vehicles (LCV)
Passenger Cars
Heavy Commercial Vehicles (HCV)

APAC Electronic power steering Market, by Country

China
India
Japan
South Korea
Rest of APAC

APAC Electronic power steering Market - Companies Mentioned

HYUNDAI MOBIS
JTEKT Corporation
Mando Corporation
Mitsubishi Electric Corporation
Nexteer Automotive
NSK Ltd.
Robert Bosch GmbH
SHOWA CORPORATION
thyssenkrupp AG
ZF Friedrichshafen AG

Asia Pacific Electronic Power Steering Report Scope

Report Attribute	Details
Market size in 2019	US$ 26,704.59 Million
Market Size by 2027	US$ 28,933.30 Million
Global CAGR (2020 - 2027)	4.1%
Historical Data	2017-2018
Forecast period	2020-2027
Segments Covered	By Type Column Assisted Electronic Power Steering Pinion Assisted Electronic Power Steering Rack Assisted Power Steering System Electronic Hydraulic Power Steering By Application Light Commercial Vehicles. Passenger Cars Heavy Commercial Vehicles
Regions and Countries Covered	Asia-Pacific China India Japan Australia Rest of Asia-Pacific
Market leaders and key company profiles	HYUNDAI MOBIS JTEKT Corporation Mando Corporation Mitsubishi Electric Corporation Nexteer Automotive NSK Ltd. Robert Bosch GmbH SHOWA CORPORATION thyssenkrupp AG

Research Manager

Naveen Chittaragi

Associate Vice President,
Market Research & Consulting

Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

What are the Asia Pacific Electronic Power Steering Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

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